$30 Billion Settlement Pending  
Mon, July 11, 2011 at 2:40 PM
James Knowlton Admin

State and federal prosecutors are pressing to complete a proposed settlement with the nation's five largest home loan companies over alleged mortgage abuses.  The deal with the mortgage companies would broadly absolve the firms of wrongdoing in exchange for penalties reaching $30 billion and assurances that the firms will adhere to better practices going forward, Despite failing to marshal a strong case proving misconduct during the foreclosure crisis.  The government is seeking to craft a settlement quickly, in the hopes that this will inject greater certainty into the financial system, stabilize home prices and add vigor to a flagging economy.  Read the full article.

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